OCBC Investment Research lowered its target price on commodity company Olam International Ltd to S$1.86 from S$2.24, saying growing uncertainty in Europe may continue to cause increased volatility in commodity stocks.
Shares of Olam were down 0.9 percent at S$1.68. They have fallen about 21 percent so far this year, underperforming the Straits Times Index's gain of 5 percent in the same period.
Olam said on Tuesday it would invest $240 million in its first sugar milling asset in Brazil, Usina Acucareira Passos S.A.
OCBC, which maintained its hold rating on the stock, said Olam's management believed the latest acquisition was part of its plan to boost its milling assets in large sugar-producing countries that have a cost advantage.
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